Obama Warns of Economic Danger

President presses for deal on U.S. debt ceiling.

President Barack Obama warned of a “deep economic crisis” without a compromise to avert an Aug. 2 U.S. default as he dueled Republican House Speaker John Boehner in back-to-back speeches on increasing the debt limit.

“We can’t allow the American people to become collateral damage to Washington’s political warfare,” Obama said. Moments later, Boehner responded that the president “wants a blank check” to continue government spending that is “sapping the drive of our people.”

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